Dug Technology (ASX:DUG) announced financial results for the quarter ended 30 September 2022.

Total revenue in Q1 FY23 was US$11.2 million, an increase of 33% on Q4 FY22 and 30% on Q1 FY22.

EBITDA for Q1 FY23 of US$3.0 million, an increase of US$1.5 million on Q4 FY22 and US$3.2 million on Q1 FY22.

The Company won US$10.8 million in new Services projects during the quarter, a 110% increase on Q1 FY22.

Operating cash inflows for Q1 FY23 were US$0.3 million. Net investing cash outflows for Q1 FY23 of US$0.5 million.

Financing cash outflows for Q1 FY23 of $1.0 million.

Total cash held at 30 September 2022 was US$1.5 million with net debt (excluding AASB 16 leases) at 30 September 2022 of US$2.8 million.

Following the announcement the company?s share price rose 8.333%.